... % from $1.668 billion in FY 2002. Profits are generated from the core businesses consisting of the department store and credit card business. Final FY2003 result is impacted by a number of difficult decisions made during the three months strategic review on getting the company back on track to generate sustainable earnings growth and long-term value for the share holders. Cost Efficiencies Program was introduced in 2003 to target non-customer service related areas to achieve an estimated saving of $17million in FY2004. Excellent Inventory Management allows maintaining the aged stock inventory levels below 5% of the total inventory, avoiding the need for future discounting and mark-down sales on a build up of excess or aged stock. Proper screening and well-managed interest free program focuses on developing the credit card business to achieve more revenue in the FY2004. Assessing a number of options on each of the under-performing businesses resulted in a strategic decision to ...

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